Grim Milestones Pile Up as Asia Bears Brunt of Stock Selloff
- Weak US data, Japan rout, rotation away from tech hurt region
- Circuit breakers were triggered in Japanese and Korean markets
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Asian equities tumbled as fears of a deeper US economic slowdown and an extended rout in Japanese shares sapped risk appetite, with matters made worse by a violent rotation away from heavyweight tech stocks.
Many equity indexes across the region hit bleak milestones on Monday, with those in export-reliant markets of Japan, Taiwan and Korea suffering the most — their benchmarks sank more than 10% each intraday. Circuit breakers temporarily suspended trading of futures for the Topix as well as the Nikkei 225 Stock Average multiple times, while trading was also briefly halted for the Kospi and Kosdaq cash and futures markets in Seoul.